The partnership between EasyFi and Mirror Protocol will ensure that tokenized stocks and other traditional assets like oil as collateral markets are available on the EasyFi lending protocol and many more.
Introduction
EasyFi has announced its partnership with Mirror protocol — a DeFi protocol built on the Terra network and powered by smart contracts. The collaboration promises to add a lot of services to EasyFi’s unique lending protocol.
Also, the Mirror protocol will significantly benefit from the partnership. In this article, we will give a summary of what this partnership will bring for both DeFi projects. But first, what do we know about both projects?
EasyFi At a Glance
EasyFi is a layer 2 lending protocol made especially for decentralized finance. It is focused on offering scalability, composability, and mass adoption for users. EasyFi’s open and inclusive financial network infrastructure guarantees that the protocol will run on public networks efficiently. Hence, end-to-end borrowing and lending of digital assets/financial products will be promoted.
The lending protocol is being built to give easy access without the stress of looking for permissions while automating smart contracts.
Mirror Protocol At a Glance
Mirror is a DeFi protocol built on the Terra network and powered by smart contracts. The Terra network’s sole purpose is to create synthetic assets known as Mirrored Assets (mAssets). What more, the protocol is open to anyone around the world through its Mirror web application and Mirror Wallet for mobile.
The DeFi protocol has accumulated over $1.8 billion in Total Value Locked (TVL) and more than $900 million in total liquidity. This and many other feats were achieved under four months after its inception.
Its mAssets are available on Terra, Binance Smart Chain, and Ethereum, which account for massive adoption worldwide. The protocol is community developed. Its users operate its markets via MIR incentives, and the growth of the protocol is entirely driven by democratic governance.
What Does The Partnership Bring?
For EasyFi, the partnership will institute a new range of tokenized stocks and commodities collateral markets on its layer 2 DeFi lending protocol. Its collaboration with Mirror protocol will bring Facebook, Amazon, Apple, Netflix, and Google mAssets to its platform. These “FAANG” — initials of all tech assets listed above represent mAssets that mimic real-world assets’ price behavior. In essence, they are tokenized assets on the Terra network. For better understanding, these assets include mFB, mAMZN, mAAPL, mNFLX, and mGOOGL.
Therefore, they will be available on EasyFi’s BSC-based protocol as new money markets. However, these markets will not be included at once; they will be integrated one after the other. For Mirror protocol users, holders of mAssets will soon be able to supply their tokenized stocks for lending. Users of EasyFi also take loans against their tokenized stock positions. Finally, they can now borrow stablecoins like BUSD, USDC, etc, against all their supplied collateral assets.
Source : bsc.news
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